meszaros

BTCUSD could start to rise.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD could start to rise. The previous fractal strategy seems to have set a good lower level for bitcoin's decline. The current strategy is a pure ATR strategy. We do not take into account the fractal properties. The dotted line in the figure is the ATR axis of the wave sequence. It can be seen that this longer-term ATR axis is used as support and resistance by bitcoin . This is the basis of the analysis we will now build on. The height of the white squares indicates the two parts of the accumulation range. Why the two parts ? Because in the accumulation range the long position and the short position are in equilibrium. Within the white squares, the equilibrium is broken and one side is constantly getting stronger. Meaning that the short positions in the square below are forcing the long positions in the square above. Using this approach, we can take a position within the range quite accurately. But let's return to the current move. My assumption is that the rise in bitcoin may first go to the upper level of the accumulation range. This is currently 41732 usd. If the analysis is correct, then a move at this level will be more significant. In the event that it breaks the 41732 usd level, we can expect a retest from the top and then a continuation of the fractal theory already discussed in the previous analysis. In the event that the price returns to the lower white square of the accumulation range, we should expect a further increase in short positions, in which case the stop level (27400 usd) already discussed in previous analyses could be activated. I do not expect this scenario for the moment. After that, a huge downward gap would open up, with the prospect of a significant fall. But let us be optimistic. Bitcoin is on the rise. Target price : 41732 usd

Comments

I guess we all know where it's gonna go from there.
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sorry for my English. Don't you think we're drawing a bearish flag right now?
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meszaros galbom33
@galbom33, Thank you for your question. Currently, bitcoin is still in an accumulation range. The analysis follows this exactly. That's all I can see for now. The STOP level is still in a good place. In case the move goes against me, I will close it.
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